Bennison Brown | Budget 2021 – Help to purchase your property

Budget 2021 – Help to purchase your property

If you are planning to purchase or sell a property, there have been two significant announcements to be aware of:

The Stamp Duty holiday extension


The biggest announcement from the Chancellor is the extension of the Stamp Duty holiday. The Stamp Duty holiday was due to expire on the 31st March 2021 however, it has now been extended to the 30th June 2021. This provides home buyers with an additional three months to purchase a property within England or Northern Ireland without having to pay any stamp duty on the first £500,000.

Although this had been widely anticipated, it will come as a great relief to many buyers and sellers, who had been struggling to complete by the March 2021 deadline.

Extending the Stamp Duty holiday will also benefit people who are hoping to move home. A purchase of £500,000 would save you £15,000 in Stamp Duty fees. These extra funds could now go towards your deposit and other associated costs such as lender and solicitor’s fees.

Furthermore, the Chancellor also announced additional changes that will come into effect after the June 2021 deadline. The ‘nil-rate band’ (where there is no stamp duty payable) has been increased to £250,000 until the end of September 2021. It then returns to the original £125,000 that was present prior to the initial holiday period. This means that even if you do ultimately miss the June 2021 deadline, you can potentially still save money.

For full information about stamp duty visit the government website. (https://www.gov.uk/stamp-duty-land-tax)

95% Mortgages


A 95% mortgage is a loan for 95% of the property’s price. This is where you put down a 5% deposit to cover the rest of the mortgage.

If you have been struggling to save for a deposit, the new mortgage guarantee scheme could be extremely beneficial.

The scheme allows for a deposit as low as 5% of the property’s value. This means that buying your first home or moving to a larger house could now be an option, one you may have not thought possible.

Most of the major UK lenders have already signed up to the scheme. From April 2021, the scheme will be available to all buyers and applies to any property up to the value of £600,000.

Contact us today


If you wish to find out more information about the Stamp Duty holiday or 95% mortgages, contact us today to arrange an appointment at a time that is convenient.

Your initial mortgage review is completely free of charge, meaning you can talk to one of our experienced mortgage advisers today to see how we can help you without making a financial commitment.

If you do not keep up with your mortgage payments your home may be repossessed.

Article by Andrew Connor

Andrew Connor Image

Andrew Connor

Mortgage Adviser

Andrew has helped hundreds of mortgage customers achieve their goals whilst practising as a mortgage adviser. Before joining Bennison Brown Andrew worked for seven years with a leading high street bank.

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